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Indian ETFs Fall on Widespread Corporate Reform; Plunging Rupee

  +Follow August 16, 2013 4:13PM
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Investors in the emerging market of India were rocked Friday, as the country plans to concomitantly rework their outdated 57-year-old corporate legislative laws and address a rapidly devaluing currency. 

India has long been plagued by corruption. Kickbacks, gift and outright fraud are commonplace, as unscrupulous players take advantage of a financial system that has failed to keep pace with an increasingly complex global economy.

In 2009, the country was rocked by a massive fraud case involving the company Satyram Computer Services. The chairman confessed to overstating company assets and earnings by over $1 billion. The scandal, often called "India's Enron," made it clear the country lacked a proper oversight body and laws sophisticated enough to deal with modern finance.

The country is simultaneously scrambling to also stabilize the rupee, which is the worst performing emerging market currency in comparison to the dollar. The Reserve Bank of India is taking action and imposing controls to increase overseas direct investments, as the diminishing value of the country’s currency has made it more difficult for Indian corporations to buy assets outside the country.

India has also had to deal with inflation and a widening current account deficit. The corporate reforms and worsening economy coupled to spook investors and trigger an ETF sell-off.

Indian ETFs across the board retreated on Aug. 16. iPath MSCI India Index (INDA) dropped 4.84 percent to hit $21.41 a share. PowerShares India ($PIN) dropped 4.64 percent to hit $15.62 a share. WisdomTree India Earnings ($EPI) fell 4.53 percent to hit $14.76 a share.

The biggest loser on the day was Direxion Daily India Bull 3X Shares ($INDL), which plummeted 12.89 percent to hit $10.72 a share amid eight times normal volume. 

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for PIN
Sandip Thakrar
24 Nov 14 11:38:25
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
Moneey Aiir
24 Nov 14 08:52:55
http://t.co/vBc48sJCAI via @youtube #NeWYorK.HipHop.... DJz $piN...it #XCulsive...#ROCKk
Christopher Angus
24 Nov 14 06:20:03
Stocks near strong channel: $FOXA, $IBDA, $XOMA, $PIN
Dave Allen
23 Nov 14 20:40:25
$pin india looks higher
Vivek Jain
23 Nov 14 19:36:29
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
Stock Options Action
23 Nov 14 07:48:04
Added $PIN to our watchlist #stockmarket http://t.co/UIfzvkJZMS
Young June
22 Nov 14 15:45:46
RT @Educated_Misfit: Shit Onna COnstant $pin Go Bump My New Track " The Ba$emEnT CyPhEr " Ft @SomeoneLike_Juu https://t.co/h70GpZjRl6 htt…
▲$△D
22 Nov 14 15:40:57
Shit Onna COnstant $pin Go Bump My New Track " The Ba$emEnT CyPhEr " Ft @SomeoneLike_Juu https://t.co/h70GpZjRl6 http://t.co/NKQF6DX2FT
Niranjan Shetty
22 Nov 14 00:46:22
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
Atul -Maheshwari
21 Nov 14 23:18:49
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
Ashish Mahajan
21 Nov 14 23:10:05
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
Md Jamil
21 Nov 14 22:49:52
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
ShivKamath
21 Nov 14 22:37:48
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
Sumit Singh
21 Nov 14 21:34:47
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
Mark Brant
21 Nov 14 21:07:28
RT @PeterLBrandt: @jirohit Traders MUST remember -- bull markets by nature get overbought. Major bull markets get obscenely overbought. $EP…
Safir
21 Nov 14 20:40:48
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
Hitesh Rathi
21 Nov 14 20:35:31
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
cpichake
21 Nov 14 20:30:57
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
MP_Enthusiast
21 Nov 14 20:01:54
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
Madhav
21 Nov 14 17:34:23
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
Kapilan B
21 Nov 14 16:53:17
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
Peter Brandt
21 Nov 14 11:34:33
@jirohit Traders MUST remember -- bull markets by nature get overbought. Major bull markets get obscenely overbought. $EPI, $PIN $nifty
SURIL JHAVERI
21 Nov 14 11:12:36
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
Ankit Jain
21 Nov 14 11:04:34
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
Dan
21 Nov 14 10:59:32
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
Perma_COOL
21 Nov 14 10:56:42
"@PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/2O0VDHVMeg @NftyPulbackMode
Perma_COOL
21 Nov 14 10:55:53
"@PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/2O0VDHVMeg @Mur_Att @nooreshtech
Perma_COOL
21 Nov 14 10:54:50
"@PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/2O0VDHVMeg" @vish107 @safiranand
Perma_COOL
21 Nov 14 10:54:05
"@PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/2O0VDHVMeg" @ap_pune @SwatiBaxi
Alpha Maven
21 Nov 14 10:06:55
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
RamaKrishnaVadlamudi
21 Nov 14 10:01:41
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
Shylo O.D.
21 Nov 14 10:00:33
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
Binary Options Pro
21 Nov 14 10:00:08
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
Sameer Shelar
21 Nov 14 09:58:17
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
Equity Soumya
21 Nov 14 09:54:52
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
KAVEH ILKHANIPOUR
21 Nov 14 09:54:16
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
Vishvesh
21 Nov 14 09:53:41
WOW #bulls #party RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/xM32GneQVJ
Deepak Shenoy
21 Nov 14 09:53:18
RT @PeterLBrandt: $NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
Peter Brandt
21 Nov 14 09:52:54
$NIFTY Bull market in India alive and well. Next stop 10100. $EPI, $PIN, $INDA http://t.co/g9vu8fFrNO
Steven Schoenfeld
21 Nov 14 07:19:28
US Presidential visit to #India announced for January. positive for both countries, and #Indian Stocks $EPI $SCIF $PIN
David Shamah
21 Nov 14 06:24:51
RT @SASchoenfeld: #India & #Israel, #StrongerTogether #Defense #Security #Trade #Technology $EPI $ISRA $PIN $EIS $ESLT $NICE http://t.co/…
Christopher Angus
21 Nov 14 06:20:03
Stocks near strong channel: $FOXA, $IBDA, $PIN, $XOMA
Steven Schoenfeld
21 Nov 14 06:19:15
#India & #Israel, #StrongerTogether #Defense #Security #Trade #Technology $EPI $ISRA $PIN $EIS $ESLT $NICE http://t.co/RmseonAjO2
CaptD
20 Nov 14 16:50:00
@Eco_Wife @doyleclan1 Real Info not Thorium $PIN: Westinghouse dumps plans for uneconomic (SMRs) http://t.co/5PmimAaTKL
Christopher Angus
20 Nov 14 06:20:04
Stocks near strong channel: $FOXA, $IBDA, $PIN, $MGNX
iHangout
20 Nov 14 04:34:28
http://t.co/a7S0ZZgFj1 chartguy89: Stock Charts: PIN 1,244.92 Stock Charts $PIN Pantheon http://t.co/iyva3SMVNZ
Investors Hangout
20 Nov 14 04:34:25
chartguy89: PIN 1,244.92 Stock Charts $PIN Pantheon http://t.co/n6ZsWzt5Zu
Investors Hangout
20 Nov 14 04:34:20
chartguy89: PIN 1,244.92 Stock Charts $PIN Pantheon http://t.co/e4wSPmiaGB
$kiddo
19 Nov 14 20:08:57
The$e $ong$ from @Official_Tink that @Timbaland played got me hype. $he about 2 be a PROBLEM. what a po$itive $pin 2 my day wow #thinkTINK
Christopher Angus
18 Nov 14 06:20:04
Stocks near strong channel: $FOXA, $IBDA, $PIN, $MGNX
				
				
  +Follow August 16, 2013 4:13PM
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